Waterloo Quay Properties is reaping the rewards from its flexible approach to accommodating tenant growth, after delivering several long-term lease agreements.
The strategy, which targets co-operating with new and existing occupiers to develop or extend existing office space has culminated in the arrival of several new tenants whilst others have taken leases to extend their existing space on multi-year agreements, far beyond the typical 1 to 2-year arrangements that have been common in the Aberdeen commercial property industry.
Waterloo Quay Properties managing director, Anna-Marie Eardley said: “One of the most frequently asked questions we get from prospective new tenants is, “what happens when my business grows? Where do we go?” and as a team we simply advise that a big part of our job as landlords is to facilitate and be flexible for our tenants when they do experience growth. In practice this has meant undertaking bespoke development of the site and working with tenants to implement significant structural changes to the Waterloo Quay site.”
One of the most significant of these projects has been for long-term tenant Apollo, which has seen its office space more than double in size in the past 16 months.
Made possible by knocking through a large section of 36-inch-thick granite wall to link the existing office space, situated in the mid-19th century-built Nautilus House with the 1974 built Ocean Spirit House, this construction work has created an east to west feature walkway between the 1st and 2nd floors of the properties involved.
Apollo’s office space now spans across three buildings at the Waterloo Quay site (Nautilus, Ocean Spirit and Provender House) with work now underway to expand further, again through a 36-inch-thick granite wall, to take their space from an original 3200 sq ft up to just under 7800 sq-ft.
Apollo Group MD, Ryan Menzies said; "The fact that we have grown from a headcount of 50 to 120 in the last 2 years is a testament to our model, approach and delivery. We doubled the office space at the beginning of last year to accommodate growth and this latest expansion is the next stage in our growth plans.”
Steven Leaper, Support Director at Apollo said: “Apollo has grown significantly in the past couple of years and ensuring our office arrangements keep pace with this growth has been vital. Waterloo Quay Properties has been a crucial partner in this and the flexibility they have shown as landlords has meant we have an office space that is fit for purpose for the foreseeable future.”
Anna-Marie Eardley added: “Our tenants are our customers and if we can do something that is going to help their businesses or assist in their growth plans then we will do everything we can to accommodate. From a Waterloo Quay Properties perspective, we want our tenants on site for as long as possible and this flexible approach is paying dividends as the recent renewal agreements show.”
Ensuring businesses can continue running operations without any major disruption is also a major driver for the approach to development on site.
Anna added: “Although it is not always possible to knock through into neighbouring buildings, mitigating the need for our tenants to go through the upheavals and costs associated with a business move is something we will always explore. As resident landlords it allows us to work closely with our tenants when a change is required, doing our utmost to ensure that everything is organised behind the scenes and our tenants can continue to concentrate fully on operational activities.”